Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AMEDEO AIR FOUR PLUS LTD. We currently have 3 research reports from 1 professional analysts.
|20Jan17 02:19||RNS||Holding(s) in Company|
|16Jan17 04:04||RNS||Total Voting Rights|
|13Jan17 02:58||RNS||Results of New Placing|
|11Jan17 05:03||RNS||Quarterly Report|
|11Jan17 05:03||RNS||Dividend Declaration|
|06Jan17 06:01||RNS||Publication of Supplementary Prospectus|
|14Dec16 01:39||RNS||Results of Extraordinary General Meeting|
Frequency of research reports
Research reports on
AMEDEO AIR FOUR PLUS LTD
AMEDEO AIR FOUR PLUS LTD
2016 YTD Fund raising review – Topping up
05 Oct 16
Secondary issuance has dominated in 2016. 3i Infrastructure (3IN) led with a monster £385m raise (target: £350m) in May. At a sector level, infrastructure (£700m), property (£500m, mostly pre-Brexit vote), and renewables (£340m) tapped heavily in Q2 & Q3 2016. The IPO market remains quiet with only one primary launch in 2016; Hadrian’s Wall Secured Investments (HWSL) raised £80m for secured lending to SMEs including equipment finance, property development, and commercial loans. We also note that six funds have repurchased more than £50m of stock YTD.
11 Aug 15
The sector attracted a gross £2.8bn in Q2 (Q2 2014: £1.8bn) of which roughly two thirds came via IPO, dominated by Woodford Patient Capital (£800m, WPCT). Besides WPCT, issuance was lead by new and existing debt vehicles across a range of alternative sectors including CLOS, SME lending, property and aircraft leasing. Six new funds were launched in Q2, raising a total of £1.6bn (average £160m, ex WPCT) and have returned an average 6.5% on IPO price. Amedeo Air Four Plus (AA4) became the fifth aircraft leasing fund and the fourth to invest in Airbus A380s, offering a dividend yield of 8.25%. Ranger Direct lending (£135m) joined the SME debt line-up offering a 10% yield, targeting direct lending platforms in contrast to newer peer-to-peer platforms. WPCT increased the size of its IPO to £800m (from £500m) and is currently traded at a c15% premium to NAV with a tap issuance programme in place to manage the rating. Having struggled to raise the initial £100m target at launch, Miton UK MicroCap Trust has recently started to tap the market, raising an additional £4.6m in Q3, taking the market cap to c£55m.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Trading conditions difficult but acquisitions underpin growth
23 Jan 17
FY16 revenue will be £53.7m (FY15: £44.8m), in line with ZC estimate of £53.9m, showing growth of c. 20% yoy underpinned by the three acquisitions undertaken in the year. However, due to higher costs relating to the acquisitions and, to a lesser extent, gross margin pressure, PBT will be in the region of £7.0 to £7.2m equating to growth of between 5.5% and 8.0%. As a result, FY16 ZC profit forecast is reduced by 8.0% to £7.0m. The impact in FY18 and FY19 is muted by the announcement of a further acquisition leading to an increase in revenue estimates of 8.7% whilst profit estimates fall c.4.5% in each year, respectively. Despite the decrease in forecasts the PER multiple on FY17 earnings remains single digit at just 9.1x, against a distributor average of 15.8x. With commitment to the forecast dividend increase reiterated, Flowtech offers an above average yield of 4.1%
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.